CSFB says banks will now refuse credit, and "bankruptcy is now a distinct and near-term possibility." Off-market, Worldcom's stock down to 9 cents. AT&T's stock reached a 10-year low. Nortel down 10%, Lucent down 20%, Qwest down 57%. Qwest director Marilyn Carson Nelson resigns after 27 years. FCC chairman: "I am deeply concerned." [He obviously isn't reading the Cook Report, or he would have been concerned six months ago.] ... the telecommunications industry is likely to be left reeling ... Scott Cleland: "Investors are in denial, just like they were with WorldCom, on how much worse it can get." ... Lawyer: "There are some telecom managers out there who bought into this whole one-stop-shopping thing. Those guys who were foolish enough to put all their eggs in one basket are now in a very awkward position, particularly if that choice was WorldCom." Reed Hundt warns: "70% of Internet traffic, 30% of consumer long distance, and 50% of corporate communications crosses the Worldcom network. Worldcom is the most important Internet company in the world." Worst. Scandal. Ever. Bah. This simple fraud is a sidebar to the real story, which is that the global telecom industry is in the midst of collapse. Recipe for death (of an industry): 1) Initiate hemorrhaging. 2) Allow to clot. 3) Repeat. WorldCom Facing Charges of Fraud; Bush Vows Inquiry | 
